V. SRINIVASA RAO Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) THE proceedings before the jurisdictional Magistrate initiated by the respondent -Bank as per the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'SARFAESI Act'), is sought to be quashed by presenting this petition. The petitioner borrowed loan from the Respondent -Bank and certain properties were offered as security for repayment of the loan. On the ground that the petitioner has failed to repay the installments due, the respondent -Bank issued notice as contemplated under Section 13(2) of the SARFAESI Act declaring the petitioner as defaulter. Thereafter, to realize the amount, the Respondent -Bank tried to take possession of the secured properties and since there were some protest by the petitioner, the Bank filed petition before the III Additional CMM, Bangalore, seeking an order of assistance from the Magistrate for taking possession of the secured properties.

(2.) AFTER hearing the learned counsel for the Respondent -Bank, the learned Magistrate by the impugned order dated 10.12.2012, directed the jurisdictional police to give necessary assistance to the Respondent -Bank, while taking possession of the schedule properties. The said order is questioned in this petition on the ground that, no notice of the proceedings has been issued to the petitioner.